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MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 16th June, 2022 INCOME TAX S.O. 2777(E).In exercise of the powers conferred by sub-section (1F) of section 197A read with clause (c) of sub-section (2) of section 80LA, of the Income-tax Act,1961 (43 of 1961) (hereinafter the Income-tax Act), the Central Government hereby specifies that no deduction of tax shall be made under section 194-I of the Income-tax Act on payment in the nature
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1 Year PLAN
1999
(Excl. of GST ₹359)
2 Years PLAN
3499
(Excl. of GST ₹629)
BEST VALUE
3 Years PLAN
4999
(Excl. of GST ₹899)
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FAQ :
The notification provides relaxation from TDS under section 194-I on payments of lease rent or supplemental lease rent made to a unit located in an International Financial Services Centre (IFSC) for aircraft leasing.
The relaxation is for lessors (units located in IFSC) engaged in the business of leasing aircraft, provided they meet certain conditions and furnish a specific declaration.
This notification comes into force from July 1, 2022.
The lessor must furnish a statement-cum-declaration in Form No. 1 to the lessee, detailing the previous years for which they are claiming deduction under section 80LA.
The lessee must not deduct tax on payments made to the lessor after receiving the declaration in Form No. 1. They also need to report these payments in their tax deduction statements.
The relaxation is available to the lessor during the consecutive assessment years declared by them in Form No. 1, for which they opt for deduction under section 80LA.
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